Comvest brings significant resources, a collaborative approach with management, as well as extensive experience, creating strategic and operational value for their portfolio companies.”
IvyCap Ventures, one of the leading homegrown venture capital funds, announced the sale of its stake in Leixir Dental Group with 4x returns. Leixir is a technology-enabled provider of outsourced dental solutions serving both the independent dentists and dental service organizations (“DSOs”) as well as technology and distribution companies. Leixir is pleased to welcome Comvest Partners as an investor.
The company operates five dental laboratories across the U.S. in addition to a digital design and manufacturing facility in Gurugram, India. Harmeet Bindra, founder of Leixir, will continue in his role as CEO and Executive Chairman.
Commenting on this financial deal, Vikram Gupta, Founder and Managing Partner, IvyCap Ventures Advisors Pvt Ltd, said, “We are pleased to be part of Leixir’s journey in its climb to becoming one of the leading dental labs in the US in India. Leixir has been a pioneer in this space in India and has many firsts, particularly in the use of technology for engagement with dentists and in core manufacturing operations. We are pleased that Leixir has put India in the offshoring map of the global dental industry and confident that this will scale well in the years to come.” IvyCap was the first institutional investor in Leixir in 2015. The core strategy was to build a cross border integrated dental lab network using digital technology to disrupt the sector. Leixir has since, acquired several leading labs in various geographies in North America and build an offshore centre for design and 3D printing in India. Leixir in the largest dental lab in India and is one of the largest dental labs in the US.The company has grown significantly since IvyCap’s investments. “Today’s dental market demands high-quality production, fast turnaround times, digital design capabilities, and competitive pricing. Leixir is uniquely positioned to address all of these needs,” said Lee Bryan, Senior Partner at Comvest Partners. “Harmeet has built a truly impressive business, and we are very excited to partner with him and the Leixir management team.”
“This transaction represents an important milestone for Leixir. I am proud of the growth our team has achieved. We are extremely happy with our partnership with IvyCap Ventures. It had played an important role in chartering the growth of our company. We believe that Comvest is the ideal partner to support our future growth initiatives,” said Harmeet Bindra, CEO, Leixir Resources Pvt Ltd. “Comvest brings significant resources, a collaborative approach with management, as well as extensive experience, creating strategic and operational value for their portfolio companies.”
“Leixir is pushing the boundaries and redefining the role of today’s dental lab. The Company’s digital capabilities and proprietary end-to-end case management platform, MyLabConnect, are true differentiators which should enable Leixir to continue to capture market share,” said Marshall Griffin, Principal at Comvest Partners. “We look forward to working with Harmeet and the team at Leixir as the Company accelerates its growth trajectory as an industry-leading dental lab solutions platform.”
McDermott Will & Emery served as legal advisor to Comvest. Cain Brothers, a division of KeyBanc Capital Markets, acted as financial advisor and Orrick, Herrington & Sutcliffe LLP acted as legal advisor to Leixir in connection with the transaction. Financing for the transaction was provided by NXT Capital.
Source: Business World
